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In the companion paper, test results were presented to explore the flexural performance of cold-formed ferritic stainless steel (FSS) closed built-up beams. Each specimen was fabricated by joining two lipped channels in a face-to-face configuration and securing them with spot welds at intermediate points along the beam span. Sectional aspect ratio, compression flange's sectional slenderness and moment gradient were the key parameters varied to explore their influence on the flexural response of such members through tests. The current paper establishes a simplified finite element (FE) model of cold-formed FSS closed built-up beams and verifies it against the test results. Further, an extensive parametric study is carried out using the validated FE model to generate a large pool of data points. A wider database comprising of test results, numerical results obtained from this study and numerical results available in the companion paper were used to critically examine the adequacy of the current Australian Specifications (AS/NZ), American Standard (SEI/ASCE-8), European Code (EN 1993-1-4), Modified Eurocode approach suggested by Gardner and Theofanous, and Direct Strength Method (DSM) in North American Specification (AISI-S100: 2016), Modified DSM approach proposed by the authors in the literature and Continuous Strength Method (CSM) for cold-formed steel (CFS) flexural members. This makes the current study the first to extensively assess the accuracy of the various design guidelines available in the codes and other relevant literature, which explicitly highlighted their grave limitations. Accordingly, through suitable modifications and recommendations, new design rules are proposed to reliably and safely predict the flexural capacity of cold-formed FSS closed built-up beams. [ABSTRACT FROM AUTHOR]