Award fixed in memory (7)
I believe the answer is:
rosette
'award' is the definition.
(type of award or prize)
'fixed in memory' is the wordplay.
'fixed' becomes 'set' (both can mean decided or determined).
'in' indicates putting letters inside.
'memory' becomes 'rote' (as in 'learning by rote').
'set' inserted within 'rote' is 'ROSETTE'.
(Other definitions for rosette that I've seen before include "Decoration made of ribbons" , "Ribboned award" , "Equestrian prize" , "Test ore (anag) - badge" , "collection of ribbons" .)