Vets will be legally bound to capping prescription fees and publishing price lists among new measures which will start coming into force later this year, the competition watchdog has announced. The price cap means pet owners will pay a maximum of £21 for their first prescription and £12.50 for any additional medicines.

The Competition and Markets Authority’s (CMA) final reforms for the sector will help pet owners better navigate the vet services market, it said. This comes after CMA found that pet owners were being overcharged for routinely prescribed medicines from vet practices. Other legally binding measures will include a price comparison website and mandatory branding by large vet groups to boost competition and drive down prices.

The overhaul come after an in-depth investigation by the watchdog, which found prices had been rising at nearly twice the rate of inflation.

Average prices of vet services soared by 63% between 2016 and 2023. The new rules will be legally enforced from September 23.

Under the shake up vets will have to make it clear whether they are part of a chain or an independent business, they can do so with signs in store or online.

Pet owners using a vet practice that is part of a larger group can expect to see standard price lists. A written statement will be required for any treatment forecast to cost more than £500 as well as an itemised bill.

Emergencies will be the only exception to this rule.

Martin Coleman, chairman of the Competition and Markets Authority’s independent inquiry group, said: “This is the most extensive review of veterinary services in a generation, and today’s reforms will make a real difference to the millions of pet owners who want the best for their pets but struggle to find the practice, 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.

“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.

“Our changes put pet owners at the centre but also help vets by enhancing trust in the profession and protecting clinical judgment from undue commercial pressure – and that is important to ensure our pets continue to get the best care.”

The CMA also found that over 70% of pet owners bought long-term medication from their vet practice even though looking online could have saved many £200 or more.

British Veterinary Association president Rob Williams said: “Vets care deeply for animals and anything we can do to build trust between us and their owners is a good thing.

“The majority of the CMA’s measures focus on increasing transparency and information, which will help pet owners make more informed choices and support competition, which is a really positive step.

“Delivering highly skilled veterinary medicine is costly and whilst we recognise prices have risen sharply in recent years this is due to a number of factors, including the higher costs all businesses are experiencing – and vet practices are not immune.

“Plus, thanks to advances in diagnostics and medical technology over the last 20 years, vets can now do much more to manage disease and injury in animals, whereas in the past the only option available may have been to euthanise.

“Owners today also have a greater expectation of their vet, with many expecting human quality healthcare for their pets and whilst this is possible to deliver, it comes at a cost.

“If pet owners do have concerns about cost, talk to us, we will always do our best to help.”