Vets will be legally bound to prescription fee caps and publishing price lists among new measures which will start coming into force later this year, the competition watchdog has announced.

The Competition and Markets Authority (CMA) said its final reforms for the sector will help pet owners better navigate the vet services market.

Other legally binding measures will include a price comparison website and mandatory branding by the large groups to boost competition and drive down prices.

The CMA said pet owners using a vet practice that is part of a larger chain can expect to see changes before Christmas, including standard price lists.

The measures follow the CMA finding that fees have risen at almost twice the rate of inflation, with pet owners not being given enough information about their vet and the prices of treatments.

Martin Coleman, chairman of the 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 said practices must publish a comprehensive price list for standard services, including consultations, common procedures, diagnostics, written prescriptions and cremation options under its new rules.

Prescriptions – for which “many” practices charge £30 or more for each – are to be capped at £21 for the first medicine and £12.50 for any additional medicines.

Practices must also provide a written estimate in advance for any treatment expected to cost £500 or more, including aftercare costs, as well as an itemised bill.

Emergency care will be the only exception for written estimates.

Prices and information about who owns the surgery are to be made available to pet owners through the Royal College of Veterinary Surgeons (RCVS) ‘Find a Vet’ service, which will share the data with third-party comparison sites.

Vet businesses must make it clear whether they are part of a group or an independent business, with details of group ownership to be displayed on signs at the surgery and online.

British Veterinary Association president 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.”

He added: “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 euthanase.

“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.”