New Zealand's Financial Markets Authority has cancelled the financial advice provider licence of Saanvi 2022 Limited, trading as Saaga Mortgages, after finding it failed to meet its licensing obligations in providing mortgage advice. The action followed an investigation opened after concerns were raised by Kiwi Advisor Network, Saanvi’s aggregator. The FMA found altered supporting documents were submitted to mortgage product providers in lending applications for six clients, and Saanvi was unable to provide originating emails or source records. It also identified failures to inform clients about a referral arrangement involving payments to a third party who appeared to be actively involved in Saanvi’s advice process, and found Saanvi had misled Kiwi Advisor Network about that individual’s identity. Saanvi further disclosed that clients’ personal information may have been accessible to an administrative assistant with no formal employment or contractual relationship with the firm; Saanvi’s sole director, Gajay Singh, was its only adviser. Saanvi cooperated with the investigation and Singh expressed remorse for the conduct identified.
New Zealand Financial Markets Authority 2026-03-30
New Zealand Financial Markets Authority cancels Saanvi 2022’s financial advice provider licence over altered mortgage documents and undisclosed referral arrangement
The New Zealand Financial Markets Authority has cancelled the financial advice provider licence of Saanvi 2022 Limited, trading as Saaga Mortgages, after finding it failed to meet licensing obligations in providing mortgage advice. The FMA identified altered supporting documents in lending applications, failures to disclose a referral arrangement and third-party involvement in the advice process, misleading information provided to Kiwi Advisor Network, and inadequate controls over client personal information.