The current paper proposes a model of an integrated legislation for Korea that seeks to incorporate financial supervisory structure and regulatory activities. The purpose of the proposal is to improve the overall effectiveness of Korea's financial supervisory function by integrating, wherever appropriate, supervisory rules and regulations scattered in various parts of the current regulatory system. The proposal makes the following three legislative recommendations in an integrated and coherent manner. First, financial supervisory function should be separated from functions dealing with financial services industries, with a 'twin peaks' system in place for financial supervisory structure. Legislation of a coordination mechanism called 'Financial Stability Council' is also recommended. Second, legislation of relationships between financial supervisory authorities and financial firms is newly proposed. This legislation aims to fill in and serve as a guideline to cope with any lack of such relationships in the associated regulatory system in Korea. For example, it deals with the process by which financial firms obtain permissions to perform regulated functions from the regulator and the rules and principles governing such permissions and other supervisory activities by the regulator. Third, the proposal also recommends alternative and comprehensive legislation in each of the following: dispute settlements, penalties for financial service providers and whistleblower protection. Specifically, it recommends the establishment of 'Financial Consumer Dispute Settlement Center' which is to replace the existing committee in the FSS and of a new independent committee to deal with fair and transparent penalties against financial service providers. It also recommends ways to enhance the protection of whistleblowers who report actual or suspected regulatory violation to any financial regulator.