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Going back Geoff quote “For all practical purposes, the CE mark is meaningless and may be disregarded in any discussion vis-à-vis the quality of one device versus another”.
No - the whole point about CE is quality assurance but what's included in the necessary checks for this varies with the type of product - in fact I'd like to dwell more on all lower-risk medical devices going through a more rigorous testing regime but this would be prescriptive and might stop innovation and good ideas from smaller manufacturers from breaking into the market because of extra cost implications.

"Quality" means different things to different people. The question is actually "Which British Standard does the Therapy Diamond Range Flowmeter not meet?" Did the product specification purport to meet them in the first place?

Have all the necessary tests RE:CE endorsement been followed. Well it's on the market so I have to assume so. Looks like a good product with decent warranty and service-replacement backup to me - compared to the competitors products that are also CE marked, anyhow.