 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.
