Yes. Trust regulation has predominantly evolved upon Common Law and equitable principles where fiduciary duty is the overarching requirement. In contrast, banking regulation is typically based on well-formulated rules and regulations that govern almost all actions and reporting requirements that banking institutions need to follow to the letter.
Arguably, trust regulation provides the trustee with greater flexibility in actions that it can execute on the management of trust assets and its reporting requirements. Trust regulation will often allow settlor and beneficiaries to maintain a significantly higher level of discretion.
From the application of Common Law and equitable principles, the legal title of assets vested under a trust (subject to certain timeline constraints) will no longer be in the name of the original contributor but be transferred to the trustee. Hence, personal creditors of the settlor or claimants under matrimonial, family feudal, or other civil litigation will not be able to claim the assets under trust. Unlike under banking regulation, legal title to assets have never been separated from the client, which means there will be less legal protection from any claim against the client's assets.