Saanvi 2022 Limited (trading as Saaga Mortgages)

Timeline

May 2025

Following a notification from Saanvi’s aggregator, the FMA undertook an investigation and found that altered supporting documents were submitted by Saanvi to mortgage product providers in relation to lending applications for six clients. 

These clients were referred by a third party who was actively involved in Saanvi’s advice process, without being engaged under Saanvi’s licence to do so. The FMA found that Saanvi failed to disclose to its clients the referral arrangement, which involved payments to the third party. Saanvi was unable to provide original source records for the altered documents. In addition, concerns were identified around access to clients’ personal information.

The FMA cancelled Saanvi’s FAP licence.

• Related media release: FMA cancels Saanvi’s Financial Advice Provider licence