Question: Lately I've been seeing colour coded screw bits, like in the set below (from Lidl's store brand, Powerfix).

[![A bit set with colour-coded bits, as described below](https://i.stack.imgur.com/v2NeNm.jpg)](https://i.stack.imgur.com/v2NeN.jpg "Click for larger version")  

*(Click for larger version)*

* Red for Phillips
* Blue for Pozidriv
* Orange for slotted
* Yellow for Torx
* Pink for Allen

Is this colour code universal? Or do other brands / manufacturers use different codes?

Answer: 
The colour codes are NOT universal. There is no agreed upon universal colour code for colouring bits (to my knowledge). 

I have found that each brand (mostly) follows their own colour coding. Powerfix uses the colours you describe, and some brands, either intentionally or otherwise, use the same colours as other brands. 

But mostly, they do not. For example, Halfords uses

* Blue: Philips
* Yellow: Pozidriv
* Red: Flat
* Green: Torx

While [Wera](https://www-uk.wera.de/en/great-tools/take-it-easy/) uses

* Red: Phillips
* Black: Pozidriv
* Green: Torx
* Blue: hex
* Yellow: flat

And then if all the tools in a set are the same, e.g. hex keys, Wera uses colours for the sizes instead.
On my set, they all have a yellow band - to help find them when you drop them I suppose, and that is for phillips. torx ie all...

My set was made by DeWalt, so not (probably) a cheap chinesium brand... I have also seen others where all the bits have a red band...