VOLVO S40 1.8 PETROL 2007 Model - Dashboard Fault lights on Vovo S40 - Daimax

I have just purchased a high mileage , ex lease company VOLVO S40 1.8 PETROL 2007 Model from a large motor trader in South Wales.

The Dashboard Fault light showing the Transmission / Engine symbol has just came onto the dashboard screen. I have looked into the book and it say there is an Emission Fault with the vehicle and requires to be checked by the manufacturers main dealers.

There is a slight rattle to the engine which was heard just before the light illuminated similar to the old tappet noise on the older ford fiesta engines.

Does anyone know what could be wrong and could it be serious ?

I understand there may be some fault recall issues with this model , does any owner have a copy of them please.

Regards

DaiMax