Pet owners struggling with vet bills have been offered tips to save money by Britain’s competition watchdog as it confirmed it was pressing ahead with a full market investigation into the vets market amid concerns over practices.

The Competition and Markets Authority (CMA) said the probe will look at issues such as whether consumers are being given the information they need so they can make informed decisions, if pet owners are being impacted by limited choice and whether profits are “consistent with the levels expected in a competitive market”.

It said in March when it announced plans for the probe that it was concerned pet owners were overpaying for medicines and prescriptions and were not being given basic information such as price lists and prescription costs.

The regulator is also concerned over the impact of recent consolidation in the sector as large groups have bought out swathes of independent practices.

The CMA warned that UK vet groups could be forced to cap prescription fees, sell off parts of their business and give mandatory information to pet owners if the probe finds it necessary.

The CMA has offered guidance for pet owners while it carries out the work, which is expected to take around 18 months.

Sarah Cardell, chief executive of the CMA, said its proposals for a vet probe have been “overwhelmingly endorsed” since its consultation launched in March.

She 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.

“We also remain concerned about the potential impact of sector consolidation and the incentives for large, integrated vet groups to act in ways which reduce consumer choice.”

There are 16 million pet owners in the UK and the CMA estimates the vets market is worth around £5 billion a year.

The CMA said its inquiry group will now take the investigation further, with the first few months seeing it gather more evidence and conduct analysis.

Its top three tips for pet owners are to shop around for vets and look at travelling further afield to save money, ask about other treatment options available and for non-urgent care, look at buying medication elsewhere, such as online or in pet shops.

Dr Anna Judson, president of the British Veterinary Association, said: “Whilst fees reflect the investment needed to keep practices financially viable and open, we recognise more can be done to improve client choice and vet teams are already taking action to address the CMA’s specific concerns around transparency of fees and practice ownership.”

But she added that since the CMA first announced their review last September, vet teams “have found themselves on the end of really unpleasant, often abusive behaviour”.

“This is unacceptable and we urge everyone to remember that vets are people and are often not responsible for the pricing structures within a practice,” she said.

Listed vets firm CVS Group said it will “continue to proactively support the CMA through this market investigation, as it has done consistently since the CMA first launched its market review on 7 September 2023”.