that light is the fuel injection system fault light, called the engine management light on most other cars, it means the ecu has identifed a fault and stored fault code(s). that could be very bad expensive news or it oculd be something very minor and easily fixed by yourself, you'll need to read the fault codes to determine that. buying a car that displays the fault light is always a risk, fingers crossed for you.
the indicator issue is probably due to the stalk mechanism, try replacing it with a scrapyard part (£5).