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No best answer has yet been selected by fayser. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.Clannad is likely to be correct - although I'm not sure about the ajustability - it's normally just a button that effectively switches off the light when the handbrake is down (and I think your switch probably needs replacing).
However there are some cars out there that use the same light to indicate that the brakepads need replacing - I don't know if the 406 is one of them.