The Bank of Korea has striven actively to respond to the financial and economic turmoil since the global economic crisis in 2008 through diverse policy instruments. But the Bank did not have powers enough to overcome the financial and economic turmoil. So there were lively discussions in the National Assembly on the amendment of the Bank of Korea Act in order to strengthen the functions of the Bank such as financial stability and band supervision. After all, the Bank of Korea Act was amended in August in 2011, and the reforming discussions on the Korean financial supervision structure were brought up due to the recent supervisory failure against savings banks in Koraa. Especially, since the beginning of 2012 which has presidential election in December, there have been many animated reforming discussions on the financial supernision structure. In this situation, this paper is to analyze the changes of the Korean financial supervision structure, the contents and suggestions of recent financial reform in England, the reforming discussions on the financial supervision structure in Korea, and the desirable reforming scheme of the structure one by A lot of scholars and researchers suggest that the financial supervision in Korea should be implemented by a public non-governmental organization instead of a governmental organization. But the Government sticks to his opinion that the financial supervision which is the exercise of governmental authority should be carried out by a governmental organization. So, it is urgent to conclude whether a public non-governmental organization can implement financial supervision under the Korean legal system.