I too have seen this fault several times, over the past few years. Vectras most commonly, and some where the stealers have replaced cat and sensors already, then washed their hands of the cars. Looking at the live data from the two sensors, it appears that the back one is switching almost as fast as the front one, which obviously leads the ecu to flag the code as it thinks the cat is not performing.
On each and every occassion, the vehicles concerned have all been using "supermarket fuels". That has been the single common denominator in them all. I have asked them to fill up with "super unleaded" type fuel from one of the BP,Shell,Esso type petrol stations, and then go onto their standard unleaded, and to keep away from the supermarket ones. I have re checked some of them further down the line and all was back to normal. I have yet to hear any say the light had come back on, which led me to thinking. Is there something added or taken away from the fuels at refinery stages, which is bound for the low cost opperations.?
Obviously im not a petrochemical expert, but it does seem strange that the change of fuel supplier has done the trick for them all.