MY forum has just recently been updated to the latest revision, I was using Advanced Tags & Prefixes by Ryan H for my forum topic prefixes with different colour options set for different prefixes. When the forum was upgraded it defaulted back to invisions default setting for tags/prefixes ..

Question being can I change the tag/prefix colours anywhere or will I need to reinstall Ryans Advanced Tags & Prefixes plugin ?

You need to update your plugin. 

It isn’t only about the color. Ryan’s plugin improves considerably prefix and tags.