Altered documents lead to cancelled licence for mortgage adviser
KAN's tipoff to the Financial Markets Authority leads to mortgage adviser having his FAP licence cancelled.
Wednesday, April 1st 2026, 8:10AM 
7 Comments
by Sally Lindsay
The FMA licence of Saanvi 2022 trading as Saaga Mortgages has been cancelled for submitting altered supporting documents to mortgage lenders.
Aggregator KAN raised red flags to the regulator and the FMA’s investigation found this happened in lending applications Saanvi submitted for six clients.
It was unable to provide originating emails or source records for the lending applications.
Mortgage advice was provided by Gajay Singh, Saanvi’s sole director and only adviser.
Head of the FMA’s perimeter and response team Helena Lewis says the issues uncovered at Saanvi reflect serious failures of trust, governance, and professional standards.
“We also found Saanvi’s clients were not informed of a referral arrangement which included payments to a third party who was actively involved in its advice process.
“The third party appeared to be actively involved in Saanvi’s advice process rather than acting purely as a source of referrals. Saanvi had misled KAN about the identity of this individual.”
Saanvi also disclosed that clients’ personal information may have been accessible to its administrative assistant, who had no formal employment or contractual relationship with Saanvi.
“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,” Lewis says.
“The cancellation of Saanvi’s licence is critical to ensuring we protect consumers and the integrity of the market.
“It is important for financial advice providers to act ethically to maintain trust and uphold the integrity of the sector, which Saanvi failed to do.
She says Saanvi co-operated with the FMA throughout its investigation, and Singh expressed remorse for the conduct identified.
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Comments from our readers
Without fail, they have been remunerated through commission. Same type that has been causing trouble all along.
It's also interesting to read that the tip off came from the aggregator & not from a lender - especially since there have been altered documents.
Another one!
Yes there is a distinct pattern emerging with the types of advisers getting caught after displaying a lack of honesty or integrity with many of these individuals coming from overseas countries where ethics and honesty are perhaps not held in the same regard as they are here. Why are we been sensitive about this fact?
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