Go.Compare comments on the CMA concluding its investigation into veterinary services for household pets in the UK.

The Competition and Markets Authority (CMA) has announced the conclusion of its review into veterinary services in the UK and found that “the current system is leaving pet owners in the dark,” and “a  lack of information that helps people make informed decisions is leading to weak competition and high prices.”* 

Rhys Jones, Pet Expert at Go.Compare, said on the findings: “This is a significant moment for pet owners, particularly at a time when the cost of veterinary care has been rising exponentially. The CMA is calling for greater transparency around pricing, better comparison tools, and caps on certain fees, which will all help owners better understand and manage the cost of caring for their pets. 

“From a pet insurance perspective, these changes could have an impact over time - if these reforms can help to stabilise or even reduce treatment costs in the long run, that might ease some of the upward pressure we’ve seen on premiums in recent years.  

“More transparency over pricing for treatments could also encourage people to take out an insurance policy for their pet. While it’s not a legal requirement to insure your pet, it’s something responsible owners should consider. Most cats and dogs will unfortunately need treatment for an illness or injury at some point in their life, so being aware of how much this could potentially cost could make insurance a more appealing option for pet owners.  

“Ultimately, we welcome these reforms as well as anything that will improve transparency and benefit both policyholders and the wider insurance market.” 

For more information about pet insurance, go to: https://www.gocompare.com/pet-insurance/