 The Act replaced the old Statutory Lists system of investments with two sets of " narrow range " investments and a set of " wide range " investments , both covered in the first Schedule of the Act . The first set of " narrow range " investments included Defence Bonds , National Savings Certificates and similar " small " investments , which could be bought at a Post Office and did not require the trustee to seek advice before investing . The second set included debentures in certain British companies and gilt @-@ edged securities , with the trustee expected to seek written advice from a person he believed was qualified to give it before investing . " Wide range " investments included unit trusts and shares in certain British companies , and shares in building societies . 
