Pet owners can expect changes before Christmas as the competition regulator concludes its most extensive review of veterinary services in a generation
The Competition and Markets Authority (CMA) has ordered sweeping reforms to the UK veterinary services market, including caps on prescription fees, mandatory price lists and new rules requiring large chains to display their ownership, in a package of measures designed to drive down costs for pet owners.
The regulator concluded its market investigation today, finding that a lack of transparency had left pet owners unable to make informed choices, leading to weak competition and high prices.
Veterinary practices that are part of larger groups must now make their ownership clear on signage, online and at their premises, a significant change given that fewer than half of people using a large chain were aware their practice was part of one.
Written prescription fees will be capped at £21 for the first medicine and £12.50 for any additional medicines, targeting a market where many practices were charging £30 or more per prescription.
Practices will also be required to publish comprehensive price lists covering consultations, common procedures, diagnostics, prescriptions and cremation options, and to provide written estimates in advance for any treatment expected to cost £500 or more.
Price and ownership data will be made available through the Royal College of Veterinary Surgeons (RCVS) Find a Vet service and shared with third-party price comparison websites.
Martin Coleman, chair of the independent inquiry group, said the reforms would make a real difference to the millions of pet owners who struggle to find a "treatment and price that meets their needs".
"Too often, people are left in the dark about who owns their practice, treatment options and prices - even when facing bills running into thousands of pounds," he added.
"Our measures mean it will be made clear to pet owners which practices are part of large groups, which are charging higher prices, and for the first time, vet businesses will be held to account by an independent regulator."
The CMA also backed proposed government reforms to the Veterinary Services Act, which would for the first time make veterinary businesses, as well as individual practitioners, accountable to an independent regulator.
The RCVS will oversee compliance and run the comparison service, funded by a levy on veterinary businesses estimated at between £450 and £550 per practice annually once operational, with initial setup costs of £150 to £250 per practice.
Legally binding orders must be in place by 23 September, with most remedies taking effect within three to twelve months of that date.