3 issues here.
PAPI may not be set for your aircraft. For every foot the MEHT for the PAPI is over your aircraft eye height, you'll land 7 meters long. Thus, you could be flying an A320 one dot low on a runway that takes a380s etc. to be closer to correct slope upon which your landing performance is predicated.
Second, not sure what aircraft type you are referring to but from my Airbus FCTM
Take immediate corrective action to control the exceeded parameter back into the defined stabilized conditions
Assess whether stabilized conditions will be recovered early enough prior to landing, otherwise initiate a go-around
Note, the go around is if you can't get stable again....
Finally, as for hitting the the FPA before the FAF. Same FCTM instructs to do it 0.2nm before....