Could anyone tell me what this system fault is indicating

It looks like the rear parking sensors are playing up - maybe covered in mud or something else obstructing them or one of them is faulty.

If you put the car in reverse with the ignition on and engine off then go to the back of the car and each sensor should make a very quiet clicking sound if they are working...if not then replace the faulty sensor

It has a camera in the rear, so does it mean it will also have sensors at each corner

Sorry, just had another look at the symbol and it has the two lines up the side which would suggest that it may be to do with lane guidance.
But still worth checking that the rear bumper for sensors (easily identifiable by their circular shape around the size of a 50pence piece.

If it is lane guidance then it sounds like the ADAS is playing up and needs resetting.