I live in the Uk and I too have the same problem with my Peugeot 307. I am kind off giving up on this car as I have spent a lot of money over the past few years to keep it running and healthy.
It started with a loss of speed and the engine light flashing and beeping with an occasional cat warning or air pollution warning pop up on the little screen. This would go after I ran the car for ten minutes, turned it off for 5, then hey presto. Everything was fine.
Now the problem has developed and the engine light always stays on with either the cat warning or air pollution warning coming up reguarly.
I was quoted £460 from a Peugeot garrage for a diognostic and a new cat. (If that be the problem)
Then went to an Exhaust specialist and they will replace the cat for £205 and I can get it linked up to the diognostic machine down the road for £48.
This I thought reasonable as the part costs like £150 for the 307 from europarts.
Reading the comments I am not sure what to do, may push it off a cliff. But any further advise appreciated.
Patrick
February 2016