I've usually awarded FP based on group achievements, i.e. the group succeeds with a main plot goal and everybody gets a cookie. Unfortunately, my players are prone to taking different lebvels of risk, so the more adventurous ones tend to be the ones who burn the most FP, while the cautious ones tend to rack up a considerable pool of them. As a result, I'm pretty tight about awarding FP: The group doesn't need them, as proved by the FP average. However, the players that are burning them do.
The obvious answer is of course to award FP on an individual basis, though I've always avoided doing this. Awarding FP is a stamp of approval from the GM, a statement that that says: "Yeah! That's what the game is supposed to be about!" Which kind of tells the other guys: "Oh, you suck!"
Yeah, I know: I'm exaggerating.
I guess I need some inspiration from you guys. In what situations have you awarded FP to individual characters, or the group?
-K