TITLE: New Zealand Financial Markets Authority Cancels Saanvi's Financial Advice Provider Licence BODY: On 30 March 2026, the Financial Markets Authority (FMA) cancelled the Financial Advice Provider licence of Saanvi 2022 Limited (trading as Saaga Mortgages) for failing to meet its licence obligations. The FMA investigation into the Auckland-based firm was initiated following concerns raised by its aggregator, Kiwi Advisor Network (KAN). The investigation identified serious failures across multiple areas. Saanvi had submitted altered supporting documents in lending applications for six clients, and was unable to provide originating emails or source records to substantiate its advice. The firm failed to disclose a referral arrangement involving payments to a third party who was actively involved in Saanvi's advice process, rather than acting as a passive source of referrals. Additionally, clients' personal information may have been accessible to Saanvi's administrative assistant, an individual with no formal employment or contractual relationship with the firm. Gajay Singh, Saanvi's sole director and only adviser, cooperated with the FMA throughout the investigation and expressed remorse for the identified conduct. Helena Lewis, Head of the FMA's Perimeter and Response team, stated that the issues reflected "serious failures of trust, governance, and professional standards" and emphasised that "mortgage advice involves some of the most important financial decisions consumers will make, and poor conduct in this area can have long lasting consequences for households." The licence cancellation is effective immediately and is intended to protect consumers and maintain the integrity of New Zealand's financial advice market. **Reference:** Financial Markets Authority media release MR No. 2026–10

FMA cancels Saanvi’s Financial Advice Provider licence | Financial Markets Authority

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