New Zealand Regulator Revokes Saanvi's Financial Advice License

New Zealand's Financial Markets Authority (FMA) has canceled the Financial Advice Provider licence of Saanvi 2022 Limited, which trades as Saaga Mortgages, for failing to meet its licence obligations. The regulator initiated an investigation into the Auckland-based firm after concerns were raised by its aggregator, Kiwi Advisor Network (KAN).

The investigation found that Saanvi submitted altered supporting documents to mortgage product providers in loan applications for six clients and could not provide original emails or source records. Helena Lewis, Head of the FMA's Perimeter and Response team, stated the issues reflect serious failures of trust, governance, and professional standards.

The FMA also found clients were not informed of a referral arrangement involving payments to a third party who was actively involved in the advice process, and that Saanvi misled KAN about this individual's identity. Saanvi further disclosed that client personal information may have been accessible to an administrative assistant who had no formal employment contract with the firm.

Saanvi cooperated with the investigation, and its sole director, Gajay Singh, expressed remorse for the identified conduct.