Transport Secretary Philip Hammond said the current limit, introduced in 1965, was out of date due to "huge advances in safety and motoringtechnology".
Mr Fernandes then bought Caterham Cars, created Caterham Group with four motoring and technology subsidiaries, and renamed the team Caterham F1 Formula One.
Meanwhile, a survey by motoring group RAC shows almost half of drivers are seriously distracted by in-car technology - rising to 55% for 17-to-24-year-olds.