Rather old post but I have had the same issue, flashing FC plus text display showing 'please wait Initialization' I found no useful advice online.
The boiler was functioning normally otherwise.(in this case the boiler is an R 40 HE plus combi)
After much checking/diagnosis the problem for me was in fact the text display, once that was replaced everything was fine.
It's an expensive item, so check basic connections etc before buying and worth seeing if you can get a cheaper used display.
Basically, if the boiler is working Ok otherwise then it's probably an issue with the text display, barring simple connection issues.
DJ
September 2017