There isn't a specific legal requirement to have airflow indicators or similar fitted to an extraction. But as an employer you do by law have to make sure your LEV system keeps working properly. One of main reasons why LEV doesn't do what it should is because the airflow falls for some reason (eg build-up of material, damage to ducting etc), becomes inadequate and effective control is lost.
One simple way of checking this is the use of airflow indicators at the hood and this will provide you reassurance that the flow-rate is maintained, that the protection for employees is there and that you're not wasting money. There are other ways of checking airflow such as using anemometer, or a dust-lamp or smoke tracer (with the work process running). However, an airflow indicator is currently the only method that will show the operator or supervisor immediately if there's a problem, and HSE's LEV guidance HSG 258 recommends these are fitted.