Lloyd was commissioned as a sub-lieutenant into the 33rd Regiment in 1874. He transferred to his father's regiment, the Grenadier Guards, later that year. Two years later he was promoted to full lieutenant. He obtained his captaincy in 1885 and in the same year took part in the Suakin Expedition as signalling officer to the Guards Brigade. He was mentioned in despatches for his service at the Battle of Hasheen. He was appointed regimental adjutant of the Grenadier Guards in 1889. In 1892 he was promoted to major. He became Commandant of the School of Instruction for Militia and Volunteers in 1894 and Commander of the Guards Depot in 1896. In 1898 he was again promoted to the rank of lieutenant colonel. He took part in the Nile Expedition and fought at the Battle of Khartoum in 1898, again being mentioned in despatches and receiving the Distinguished Service Order. He was Commanding Officer of the 2nd Battalion Grenadier Guards throughout the Second Boer War and was severely wounded at Biddulphsberg in Orange River Colony. Following the end of the war, he returned home with the men of his battalion on the SS Galeka in October 1902. For his service in the war, Lloyd was appointed a Companion of the Order of the Bath in the April 1901 South Africa Honours list, and he received the actual decoration after his return, from King Edward VII at Buckingham Palace on 24 October 1902. He was promoted to the brevet rank of colonel on 23 October 1902, and placed on half-pay as he resigned his command of the 2nd battalion on 28 October 1902, but was soon back as Commanding Officer of the 1st Battalion of his regiment from 1903 to 1904. In 1904 he became Commander of the 1st Brigade at Aldershot with the rank of brigadier general. He was made General Officer Commanding the Welsh Division, Territorial Force in 1909 and appointed a Commander of the Royal Victorian Order. On the occasion of the coronation of George V in 1911 he was made a Knight Commander of the Order of the Bath. In 1913, at the age of 60, his command of the Welsh Division expired. He was promoted to Major-General commanding the Brigade of Guards and General Officer Commanding London District. , by Henry Badeley
With the ending of the war, Sir Francis relinquished the command of London District in 1919, taking up instead the position of Food Commissioner for London and Home Counties. In 1920 he was placed on the retired list. In retirement he became a member of London County Council representing Fulham East. He made his home at Rolls Park in Chigwell, Essex where he died in February 1926. He was survived by his wife Mary née Gunnis of Leckie, Stirlingshire. The couple had no children. His funeral service was held at the Guards Chapel, Wellington Barracks on 4 March and he was buried at Aston Hall chapel on the following day.