In 2003 an Isle of Man case went to the Privy Council resulting in a groundbreaking decision as to the rights of beneficiaries and other interested parties to obtain information/documents from trustees and otherwise to hold trustees accountable, particularly in the context of a discretionary settlement. This was the case of Rosewood Trust Limited v Schmidt.
Essentially, what this case did was reaffirm that the court has a supervisory jurisdiction when it comes to trusts, and that the jurisdiction gives the court unfettered discretion. Thus, no-one is necessarily entitled to any relief as of right, and (just as importantly) there can be scope in an appropriate case for trustees to keep their dealings with one beneficiary secret from another beneficiary.
Read the full article here: Supervision of trusts by the courts since Rosewood Trust Limited v Schmidt