Have you tried applying a load to the output? It is quite possible it will only regulate to 5V when loaded with something like a few hundred mA.
You can see if the regulator controller is driving the transistor correctly. In regulation, I would expect the base of the transistor to sit somewhere around 600mV above the output voltage, and T4's base should be another 600mV above that.
However, bets are off if there is no load, because leakage current can bias the output up from the base. It looks like the circuit only has ca. 16k ohm load from the feedback dividers, so more than ~300uA of base current could drive the output high. That seems quite plausible for an older linear regulator circuit.