The UK’s competition regulator has issued three tips for pet owners amid concerns they are paying too much on vet bills and are not given enough information about treatment options.

It follows a March update of a review into the UK’s £5bn veterinary services industry by the Competition and Markets Authority (CMA), which said pet owners could be paying too much for medicines or prescriptions.

The watchdog on Thursday said it was launching a full market investigation into the UK’s veterinary sector.

It advised animal owners to:

• Shop around for a vet and don’t always go to the closest one

• Ask the vet if there are other treatment options

• Think about buying medication from places other than your vet if it’s not an emergency

Election campaign to derail multibillion NatWest retail offer

Money blog: These are the cheapest (and most expensive) cars to insure

BT fined £2.8m over failures affecting 1.1 million EE and PlusNet customers

About 60% of vet practices now belong to large companies, up from 10% a decade ago – almost 90% of vets in the UK were independent in 2013. The six large corporate vet groups in the UK are CVS, IVC, Linnaeus, Medivet, Pets at Home, and VetPartners.

Key regulatory concerns

The CMA said it had five key concerns: whether consumers are getting the right information at the right time, to make informed decisions; how limited choice in some areas is impacting pet owners; whether vet profits are consistent with “levels expected in a competitive market”; if vets are incentivised and able to limit choice when providing treatments or recommending – particularly when they are part of large vet groups; and if the regulation is preventing the market from functioning as well as it could.

Sarah Cardell chief executive of the CMA said:

“The message from our vets work so far has been loud and clear – many pet owners and professionals have concerns that need further investigation.

“We’ve heard from people who are struggling to pay vet bills, potentially overpaying for medicines and don’t always know the best treatment options available to them.”

Roughly 16 million UK households have pets, the CMA said.

Be the first to get Breaking News

Install the Sky News app for free

Since the sector review started in September the CMA received 56,000 responses to its call from pet owners and vet industry workers.

Related posts:

Google vows global ad policy shift after France fine for abusing dominance Fintech turns £350m Tide with Apax Digital investment Responsible capitalism at its best as Renishaw takes down ‘for sale’ sign Markets fret as consumers and investors lose faith in central banks keeping a lid on inflation Exponent to strike deal for online discounts platform Wowcher Houston Rockets owner joins US sports tycoons mulling Chelsea bids Dorries summons telco chiefs for talks on cost-of-living crisis Ryanair returns to profit, cut price eCommerce software, Santander talks digital platforms Lifetime tax-free pensions allowance scrapped and free childcare boost in ‘back to work’ budget Top City investors throw weight behind Hammerson in stand-off with Lighthouse Chancellor insists he will prove IMF forecast wrong Sunak picks new business council as economic election battleground looms