Hi there
I no this forum is a few years old now! But incase anyone reads through looking for an answer. I've had the little red light come on and off in my fiat punto 2002 for the last year, the quick fix for me was to just restart the car. However in the last week the little red light came one and this time won't switch off! It's such a simple problem to fix, all you need to do is change the electric steering pump (located directly underneith the steering wheel, about where your knee's sit when your driving!) There are 3 bolts that holt it on, and 2 cables that plug into the ECU. I went down to my local scrapyard matched up another one (ensuring the 4 digit number on the ECU and model number on the actual motor are the same) The replacment pump I bought from the scrapyard cost me £70. I then fitted it onto mine, must have taken me 30 mins at the max. And now its working perfectly, my car knowledge is fairly basic, but its a fairly logical fix. And will save you alot of money!!!! Oh and in reference to the above posts, the fiat puntos with the electric steering motors don't have any power steering fluid, its all managed by the electric pump :)
Josh