If your Key Person leaves or is no longer available, you need to act quickly because the issue goes directly to your organisational competence.
In most cases, you will need to notify ASIC of the responsible manager change within 10 business days. If the person who has left is named as a key person on your licence, ASIC’s guidance also says you need to nominate another responsible manager to replace them, or explain to ASIC why you have not done so, and demonstrate that you still have organisational competence for all of your financial services and products.
If the responsible manager is named as a key person on the licence certificate, ASIC also says you must first notify ASIC of the appointment of any new responsible manager and then apply to vary your licence to change or remove the key person condition.
In practical terms, you should review your licence coverage immediately, confirm whether your remaining responsible managers still cover all authorisations, appoint a replacement where needed, notify ASIC within the required timeframe, and then deal with any required licence variation.