The 0.3 per cent annual management charge on Turner’s proposed National Pension Savings Scheme has not taken into account the cost of consumer protection, according to HBOS.Speaking at the ABI’s Saver Summit, HBOS head of industry affairs Kate Flavell warned Lord Turner that the charge will not cover the costs of the Financial Ombudsman Service, the Financial Services Compensation Scheme and other regulatory expenses. She said failure to acknowledge this could leave consu-mers with no protection if NPSS problems arise. Flavell said: “I think this opens up incredible risk for consumers for there not to be any kind of protection built into the management charges, particularly where employers advise their employees on their pension options, even if it is just generic advice.” Turner says given that the NPSS will not be sold by a salesforce, misselling is not a major concern. He said: “These costs were explicitly not put in to the 0.3 per cent AMC. The charge is based on payment system costs, account maintenance and fund management costs. Plus, this is explicitly a model where you do not have a salesforce making the sale.”Go online with your views on reportStarting this week, Money Marketing Online will publish the Turner papers – asking the savings industry and advisers for their views on the Turner report and what the Government should do to reform. We will put the views on the Money Marketing website as soon as we receive them. To view the first Turner papers, please log on to moneymarketing.co.uk.