More than 7.5 million people in the UK invest in tax-free equity ISAs, most of which are run by fund managers. But half of them do not keep track of how the stocks and shares they have invested in are performing.

New research published by online investment service Rplan has revealed that 3.7 million people have little or no idea how their funds are performing.

In response to this Rplan has launched two new tools for monitoring ISA funds:

The first tool is called ‘What’s my number?’ and tells you how your portfolio of funds is performing, what charges you are paying and what level of risk you are taking. These numbers provide a yardstick by which you can monitor and understand how your investment is doing.

The second tool reviews all the funds you have and tells you if any are performing particularly badly relative to their peers. If you do have any of these ‘dog funds’ in your ISA, then the Rplan tool provides a useful list of similar funds that are performing at the very top of their game. Both of these tools are free to use, and you don’t have to move your funds to Rplan to continue to use them.

Both can be found at www.rplan.co.uk