I've finally had a reply from my bank regarding the new banking code, and I expressed my concerns over Phorm and it's possible impact on online banking activity with them.
They have stated that providing that I've not given my security details to anyone, and I've used reasonable care that they guarantee they will refund any loss from an account.
This paragraph did cause me a little concern though
With regards to the use of Webwise by Internet Service Providers, I am unable to discuss or investigate the use of this system with you. Please may I advise that you contact your Internet Service Provider directly
I find this a little unsettling, why can't they discuss it with me? If someone was cleaned out as a result of hackers exploiting the Phorm system, would the banks use this as a get out clause to refund peoples loss?
I'm not happy with this reply, and I'm going to write back. I'll keep you all posted.