Didn’t have time to hurriedly reduce those losses because by the time we were found guilty and 5 out of 6 mitigations ignored, the 22/23 period had already closed.
The fact the regs don’t say how to handle successive breaches (and that makes them unworkable in practice) is our only argument isn’t it. As you say, on paper, both rolling period are in breach.
Said it yesterday but the timing of the first verdict has to be a massive part of the second hearing.
Not just our mitigations but they ruled on our method of calculating the interest in November 23. Our final PSR figure for 21/22 was also decided in Nov 23- after the conclusion of 22/23.
Given it was impossible by then to adjust our methodology used for 22/23, and given that we didn't know during 22/23 that our 21/22 figure was wrong and therefore couldn't plan around the alteration, our argument will be that the 22/23 breach is simply a knock-on from the unknowable 21/22 verdict which has already been covered by a sanction. It'll come down to numbers but if 22/23 has run close I think it's a decent argument that any further punishment should be minimal if anything.
Basically- if our 22/23 number would be compliant BUT FOR the effects of the 21/22 verdict we have a strong case I think, since the 21/22 verdict was delivered on the PLs own very slow timeline after the 22/23 period was over, leaving nothing we could do about it.
It also helps our argument that by now speeding up the process they have demonstrated that our first case could've been dealt with much quicker to allow us to factor in the effects of the verdict in the following year, but they chose not to.