XC70 Multifunction Steering Wheel Failure

Sounds like a fault in the steering controls. The error memory likely refers to the vehicle diagnostics system storing the fault code. When you say 'multifunction steering wheel', you mean the buttons on the steering wheel that control things like the radio and cruise control, right? A defective cable connection within the steering wheel itself, or a problem with the steering column control module is not uncommon. Has the error code been read out?

Yes, that is correct. The buttons for radio, cruise control etc. do not work. I have not yet had a full diagnostic readout performed. Is diagnosing the steering column control module something I can reasonably do myself with an OBD2 reader, or does that generally require more specialized equipment?

While an OBD2 reader might give you a generic code, interpreting Volvo-specific codes related to the steering control module often requires specialized software. Based on your description, and given the car's age and mileage, a defective cable connection within the steering wheel seems plausible. I still suggest taking it to a workshop.

Thanks for the helpful insights! I followed your advice and brought it to a workshop. It turned out to be a defective cable connection in the steering wheel. The repair cost was 95€. Steering controls are now working perfectly again.