75 over a 5 is serious stuff. 5mph restrictions are pretty rare and used so that the line doesn't have to be closed altogether.
As raib have stated the appropriate warnings were all in place, one possibility and only that, a possibility, is that the manager driving cancelled the magnets for the warning and as it would have been some distance away from the commencement probably carried on chatting to his or her colleague and forgot about it. However, if the train was doing line speed as reported by raib, then it is incredulous that no attempt was made to reduce speed when they saw the commencement board. Hopefully the raib will get to the bottom of it and both these managers are honest about what was going on in the cab as the manager driving doesn't seem to have been concentrating on the road ahead, which makes a mockery of the assessing part of it.