We analyze the dynamical response of a two-dimensional system of itinerant fermions coupled to a scalar boson φ, which undergoes a continuous transition towards nematic order with a d-wave form factor. We consider two cases: (a) when φ is a soft collective mode of fermions near a Pomeranchuk instability, and (b) when it is an independent critical degree of freedom, such as a composite spin order parameter. In both cases, the order parameter is not a conserved quantity and the d-wave fermionic polarization (q, ) remains finite even at q = 0. The polarization (0, ) has similar behavior in the two cases, but the relations between (0, ) and the bosonic susceptibility χ (0, ) are different, leading to different forms of χ (0, ), as measured by Raman scattering. We compare our results with polarization-resolved Raman data for the Fe-based superconductors FeSe 1−x S x , NaFe 1−x Co x As, and BaFe 2 As 2 .