Reactive polymeric surfactants are disclosed, and their use in processes for preparation of microcapsules, and in stabilising emulsions. The surfactants are random graft polymers or block copolymers which contain both hydrophobic and hydrophilic units and in which the hydrophobic unit includes a hydrophilic cross-linking unit which reacts with (a) a wall forming ingredient in a microencapsulation process, or (b) an ingredient in the disperse phase of an emulsion.