Vets will be legally required to cap prescription fees and publish price lists under new measures that will take effect later this year, the competition regulator said.

The Competition and Markets Authority has published a list of 11 final reforms that it says will lead to a more competitive landscape.

Chief among the legally binding reforms will be a cap on written prescriptions at £21 for the first medicine and £12.50 for any additional medicines, following the CMA's finding that some pet owners were being charged as much as £30.

The competition watchdog said that the current system for regulating Britain’s £6.3billion vet market is ‘leaving pet owners in the dark’.

It follows an investigation that found average prices rocketed 63 per cent between 2016 and 2023, with pet owners paying 16.6 per cent more on average at large vet groups than at independent vets.

Vet businesses will now have to make it clear whether they are part of a group or an independent firm, at the premises and online, under the CMA’s proposals.

Vets will also need to publish a price list for standard services, including consultations, and provide a written estimate in advance for any treatment expected to cost £500 or more.

The CMA expects some of the measures to come into place before Christmas. The prescription price cap is likely to come into effect in March 2027 for large providers, and September 2027 for smaller vets. 

Martin Coleman, chair of the CMA’s independent inquiry group said: ‘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.’

The CMA has stripped back an initial set of 28 proposals to reform the system, which included a ban on bonuses linked to offering specific treatments.

It said ‘competition alone is not enough to protect consumers’ and backs the government’s proposal to reform the Veterinary Services Act. This would make vet businesses as well as individuals accountable to the regulator.

British Veterinary Association President, Dr. Rob Williams, said: '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. 

'We’re also pleased to see that the CMA continues to support our calls for reform of the woefully outdated Veterinary Surgeons Act'.