A composition contains at least one C10 to C30 mono- and/or di-ester phosphate, at least one C10 to C30 fatty alcohol, and an organic medium. The composition can be used as the, or as part of, the oil phase of an emulsion, particularly in the form of an Aqueous Cream BP. The composition and emulsion are suitable for application to the skin and maintain skin barrier properties, water content of the skin, and/or stratum corneum thickness, even after prolonged use.