I am not familiar with the fault code that you have reported and I would go along with Trevor's suggestion and obtain a P code from the EOBD protocol.
Making the assumption that the Lambda sensor is switching correctly as you have suggested, it may have a fault with the heater circuit causing the MIL to illuminate.
Irrespective of that, my bet is still the
catalytic converter is not up to the job to get the emissions down to MOT standard.
Regards
Pete M
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